POS Transactions Hit N223tn in 2024 as Nigerians Shift Away from ATMs
Written by Blessing Ajibuwa on June 23, 2025
Point of Sale (POS) terminals in Nigeria processed a staggering N223.27 trillion worth of transactions in 2024, more than doubling the N110.35 trillion recorded in 2023. This significant surge reflects a growing preference among Nigerians for POS platforms over traditional Automated Teller Machine (ATM) withdrawals.
Key Highlights
– *POS Transaction Value*: N223.27 trillion in 2024, more than double the N110.35 trillion in 2023
– *POS Transaction Volume*: 13.08 billion, representing a 32.7% increase from 9.85 billion in 2023
– *ATM Withdrawals*: N29.12 trillion, slightly up from N28.21 trillion in 2023
– *Monthly POS Transactions*:
– *January 2024*: N11.50 trillion, more than double the N5.28 trillion in January 2023
– *June 2024*: N19.57 trillion, more than double the N8.31 trillion in June 2023
– *December 2024*: N31.84 trillion, over 140% higher than December 2023
Shift to Digital Payments
The surge in POS transactions indicates a clear behavioral change among Nigerians, who now favor quick and convenient POS services over traditional ATM withdrawals, especially in rural and suburban areas. Financial experts attribute this shift to the expanding agency banking framework and the growing accessibility of POS agents.
Impact on ATM Usage
ATM usage has stagnated, with transaction volume increasing slightly from 1.012 billion to 1.022 billion, while total withdrawals rose from N28.21 trillion to N29.12 trillion. This stagnation suggests a significant shift towards digital payment channels, with POS transactions driving the growth.
